Noida rakes in Rs 2,500 cr in record NCR Land Deal

February 16, 2007	(1 votes, average: 4 out of 5)  Loading ...
Print This Story   Email This Story Subscribe Newsletter

Noida Development Authority bagged Rs. 2,500 crore by selling 300 acre residential land to five prominent names in Indian real estate – Unitech, Omaxe, Parsvnath, Ambience, and IVCRL. Till now, this is the biggest amount bagged by the authority in a single deal. Recently, HUDA and DDA had closed deals of over Rs. 1,500 crore each for sale of plots for hospitality and commercial projects.

Unitech turned out to be the biggest buyer and acquired two plots of 71 and 54 acres for a collective amount of Rs. 1,050 crore. Parsvnath purchased a 72 acre plot for Rs. 602 crore; Omaxe a 37 acre plot for Rs. 308 crore, Ambience grabbed a 37.5 acre plot for Rs. 323 crore and IVCRL bought a 33 acre plot for Rs. 274 crore.

Earlier, sale of these plots were to be announced in January 2007. These had to be re-tendered as the authority was not satisfied with the bids received. Of late, construction activities in Noida area have far by attracted interest from a number of prominent builder thereby boosting big transactions in the area. Ansal Properties Ltd. is planning to come up with a hi-tech city in the area over 2,500 acre. Likewise, Unitech has bought about 340 acre in Greater Noida for Rs. 1,582 crore.

The demand for real estate in both commercial as well as residential is expected to spiral up in the coming time. Noida is strategically located which adds to its real estate advantages. The IT and ITes development in Greater Noida is fuelling the development of residential sector. Noida conceptualizes the demanding requirements of a fast flourishing city of the future.

News Published Under:   Real Estate India, Real Estate Developers |

Comments